Market Overview - On July 22, the Shanghai Composite Index rose by 0.62% to 3581 points, the Shenzhen Component Index increased by 0.84%, and the ChiNext Index gained 0.61% with over 2500 stocks rising in the market [1] - The hydropower concept stocks continued to surge, with companies like China National Building Material and China Railway Heavy Industry hitting the daily limit [1] Key Stocks - **Shangwei New Materials**: Achieved a 20% increase, marking its 10th consecutive limit-up, setting a record for A-shares [3][12] - **Liu Steel**: Experienced a 9.94% rise, marking its 6th consecutive limit-up [2] - **Beihua Co.**: Increased by 10.02%, supported by military and central enterprise backing [2] - **Yahua Group**: Rose by 9.99%, with significant trading volume and institutional selling pressure [8][11] Institutional Activity - The top net buying stocks included Fangda Special Steel with a net purchase of 1.63 billion yuan and Sai Li Medical with 8249.85 million yuan [20][21] - Conversely, the top net selling stocks were Hengbao Co. with a net sell of 2.99 billion yuan and Guoji Heavy Industry with 2.70 billion yuan [5][21] Sector Performance - The infrastructure sector, particularly steel and cement stocks, showed strong performance with multiple stocks hitting their daily limits [3] - The AI sector, represented by stocks like Zhiyuan AI, faced declines, contrasting with the gains in traditional sectors [1] Trading Dynamics - The trading volume for Shangwei New Materials reached 14 billion yuan with a turnover rate of 7.56% [12] - Yahua Group's trading volume was 27.25 billion yuan, with a turnover rate of 17.93% [8][9] Company Developments - **Yahua Group**: Noted for its leading position in the civil explosives industry and significant production capacity in lithium salt products, achieving a 63.40% year-on-year increase in sales [11] - **Shangwei New Materials**: Transitioning to new ownership under the core team of Zhiyuan Robotics, which is expected to enhance its market position [15]

Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, aiming to construct five cascade power stations [1] - The project is expected to generate an annual electricity output of about 300 billion kilowatt-hours, which is three times that of the Three Gorges Project [2] Group 2: Industry Impact - The project is anticipated to significantly boost demand for engineering machinery due to its large scale and the challenging geographical conditions, benefiting leading companies in the industry [2] - Major suppliers of hydropower equipment in China include Dongfang Electric, Shanghai Electric, and Harbin Electric, with Dongfang Electric achieving a 100% localization rate for 1 million kilowatt generator sets [2] - Central state-owned enterprises involved in hydropower engineering design and construction, such as China Power Construction Corporation and China Energy Engineering Corporation, are expected to be the first beneficiaries of the project [2] Group 3: Related Sectors - The high-altitude and complex geological conditions of the project will drive the demand for high-performance engineering machinery, favoring industry leaders [2][3] - The cement sector is likely to experience a new wave of growth due to the project, with companies like Tibet Tianlu and Huaxin Cement dominating the local market [3] - The commencement of the project is expected to significantly increase the demand for explosives in Tibet, benefiting companies with production capacity and business layout in the region, such as Gaozheng Minbao and Yipuli [3]

Summary of China Energy Construction Conference Call Company Overview - **Company**: China Energy Construction (中国能建) - **Industry**: Hydropower and Energy Construction Key Points Industry Position and Projects - China Energy Construction holds a dominant position in the hydropower construction sector, having developed over 40% of domestic hydropower construction standards and completed major projects like the Three Gorges and Baihetan dams [2][3] - The Yajiang project, with a total investment of 1.2 trillion yuan, aims to enhance domestic hydropower capacity and support the clean energy share to exceed 50%, facilitating the dual carbon goals [2][4] Financial Performance - In 2024, the company achieved new contract amounts of 1.4 trillion yuan, a year-on-year increase of 9.75%, with operating revenue of 436.7 billion yuan, up 7.56%, and net profit of 8.4 billion yuan, reflecting a 5% growth [2][10] - The company’s fundamentals have shifted towards the energy and power sector, indicating a strategic focus on this area [10][11] Strategic Development and Transformation - China Energy Construction is actively participating in renewable energy projects, including wind, hydrogen, and seawater desalination, while also expanding its information technology business to adapt to future market demands [2][5] - The company plans to enhance its technological and strategic capabilities through a non-public offering approved by the CSRC, expected to be completed in 2025 [3][34] Competitive Advantages - The company possesses comprehensive capabilities in the entire hydropower construction process, including large-scale dam construction and underground engineering, which are critical for the Yajiang project [3][8] - China Energy Construction has a strong track record in high-tech projects, which positions it well to meet the challenges of the Yajiang project [3][4] Future Outlook - The company is focusing on the energy and power sector as its core business, with a commitment to ensuring national energy security and high-quality project execution [11][12] - The construction of the Yajiang hydropower station is expected to create significant opportunities for electricity export and related business ventures [26] Challenges and Market Dynamics - The construction sector faces challenges, but China Energy Construction has maintained strong performance, particularly in overseas contracts and profit growth [12][14] - The company is leveraging its strengths in high-end integrated marketing and regional development strategies to secure new projects [15] Innovation and Technology - Significant investments in R&D, with 14.1 billion yuan allocated in 2024, have led to numerous patents and technological advancements, supporting the company's growth in new energy and digital transformation [17][18] Investor Relations and Returns - The company plans to increase its dividend payout ratio from 14% to 20% in 2024, reflecting a commitment to enhancing shareholder returns [30][31] - The non-public offering is expected to provide additional funding to accelerate growth and improve asset returns, aligning with national energy security goals [34] Conclusion - China Energy Construction is strategically positioned to capitalize on the growing demand for clean energy and infrastructure development, with a robust pipeline of projects and a clear focus on innovation and investor returns. The Yajiang project represents a significant opportunity for the company to further solidify its leadership in the hydropower sector [2][4][26]

7月21日港股通成交活跃股 成交活跃股方面，沪市港股通前十大成交活跃股中，东方电气成交额为92.89亿港元，成交金额居首； 其次是华新水泥、阿里巴巴-W，成交金额分别为70.24亿港元、33.08亿港元。以净买卖金额统计，东方 电气净买入额为9.60亿港元，净买入金额居首，该股收盘股价上涨65.21%。净卖出金额最多的是小米集 团-W，净卖出4.52亿港元，收盘股价上涨1.32%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 深市港股通前十大成交活跃股中，成交额居首的是美团-W，成交金额31.76亿港元；其次是东方电气、 华新水泥，成交金额分别为30.12亿港元、25.25亿港元。以净买卖金额统计，有7只股为净买入，净买入 金额最多的是阿里巴巴-W，净买入3.93亿港元，该股收盘上涨1.81%。净卖出金额最多的是美团-W，净 卖出4.42亿港元，收盘股价上涨2.75%。（数据宝） 7月21日恒生指数上涨0.68%，报收24994.14点，全天南向资金通过港股通渠道合计净买入70.51亿港 元。 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） ...

Group 1 - On July 21, 2025, the top three companies by trading volume in the Southbound Stock Connect (Shanghai-Hong Kong) were Dongfang Electric (01072) with a trading volume of 9.289 billion, Huaxin Cement (06655) with 7.024 billion, and Alibaba-W (09988) with 3.308 billion [1] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the top three companies were Meituan-W (03690) with a trading volume of 3.176 billion, Dongfang Electric (01072) with 3.012 billion, and Huaxin Cement (06655) with 2.525 billion [1] Group 2 - In the Southbound Stock Connect (Shanghai-Hong Kong), the net buying amounts were as follows: Dongfang Electric (01072) +0.960 billion, Huaxin Cement (06655) +0.546 billion, and Alibaba-W (09988) -0.354 billion [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the net buying amounts were: Dongfang Electric (01072) +0.125 billion, Huaxin Cement (06655) -0.130 billion, and Alibaba-W (09988) +0.393 billion [2]

Core Insights - The newly emerged "national total price king" land in Xuhui District, Shanghai, has a total price of 52.3 billion yuan, breaking previous records for land transactions in mainland China and Hong Kong [1][10][12] - The land, which spans 600,000 square meters, is expected to significantly alter the high-end residential market landscape in Shanghai [1][8] - The final developer for this land is still undecided, with major real estate companies preparing for a competitive bidding process [1][12][13] Summary by Sections Land Details - The land consists of three parcels, with a total area of 600,000 square meters, including 420,000 square meters designated for residential use [1][8] - The land is strategically located near key amenities, including the East An Road subway station and major institutions like Fudan University [5][8] Historical Context - The land's previous use was as worker housing built in the 1950s, and it underwent the largest single land expropriation in Shanghai's history, achieving a 99.95% agreement rate in just five days [9][10] - The three parcels were sold for a total of 52.3 billion yuan, surpassing the previous record of 31.05 billion yuan set by Hong Kong Land in 2020 [10][11] Market Implications - The average floor price for the residential parcels is approximately 12.5 million yuan per square meter, which is competitive compared to recent launches in the area [8][10] - If the pricing trends of nearby projects like Greentown Chaoming Dongfang and Nengjian Xihai Yufu are considered, the residential portion of the "national total price king" could yield a market value of 60 to 70 billion yuan [8][9] Developer Competition - The ownership of the land is currently held by three companies backed by Shanghai state-owned enterprises, but the final developer is yet to be determined [11][12] - Major real estate firms, including state-owned enterprises, are speculated to be potential bidders, with a collaborative development model likely due to the project's scale [12][13]

Group 1 - The Chinese Energy Construction Group Northeast Electric Power First Engineering Co., Ltd. has been suspended from participating in military procurement activities due to violations such as illegal subcontracting [1][2][3] - The suspension will take effect from July 16, 2025, as per the announcement by the National Defense University Management Support Department [3] - During the suspension period, the company's legal representative and major shareholder are also prohibited from participating in military procurement activities [4] Group 2 - The company is recognized as a national high-tech enterprise with qualifications for foreign engineering contracting, labor export, and import-export operations [4] - It holds a first-class qualification for power engineering construction and has certifications for ISO quality, environmental, and occupational health safety management systems, as well as compliance with ASME standards [4] - The core business of the company includes power construction and operation services, capable of undertaking various types of power plants and related infrastructure projects [4]

Group 1: Core Insights - The company reported a total new contract value of 775.36 billion RMB for Q2 2025, reflecting a year-on-year increase of 4.98% [1] - The engineering construction sector saw a new contract value of 717.04 billion RMB, up by 9.23% year-on-year [1] - The traditional energy sector experienced a decline in new contracts, with a value of 183.10 billion RMB, down 10.38% year-on-year [1] Group 2: Business Type Summary - New contracts in urban construction increased significantly by 33.15%, totaling 120.96 billion RMB [1] - The industrial manufacturing sector faced a substantial decrease of 64.50%, with new contracts valued at 214.15 billion RMB [1] - The surveying, design, and consulting segment reported a remarkable increase of 52.06%, with new contracts amounting to 108.83 billion RMB [1] Group 3: Regional Distribution - Domestic contracts accounted for 575.88 billion RMB, showing a growth of 2.25% year-on-year [1] - Overseas contracts reached 199.48 billion RMB, marking a significant increase of 13.74% [1] - The total new contract value from both domestic and overseas sources combined was 775.36 billion RMB [1]

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-043 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 现将本公司 2025 年第二季度主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 1 单位：亿元 币种：人民币 业务类型 2025 年 4-6 月 年度累计 新签项目 数量（个） 新签合同额 新签项目 数量（个） 新签合同额 同比 增减 工程建设 2355 3529.87 4222 7170.41 9.23% 其 中 传统能源 1561 997.56 2610 1831.00 -10.38% 新能源及综 合智慧能源 492 1621.45 918 3301.72 12.57% 城市建设 106 470.76 255 1209.63 33.15% 综合交通 56 1.98 117 121.41 1.49% 其他 140 438.12 322 706.65 26.21% 勘测设计及 ...

Core Viewpoint - China Energy Engineering Corporation (China Energy) reported a total of 10,740 new projects signed in Q2 2025, with a new contract amount of 386.46 billion yuan, reflecting a year-on-year growth of 4.98% [1] Summary by Category Project and Contract Overview - The number of new projects in the engineering construction business was 2,355, with a new contract amount of 352.987 billion yuan [1] - The surveying, design, and consulting business signed 3,809 new projects, amounting to 10.883 billion yuan [1] Domestic and International Performance - The new contract amount within China reached 575.877 billion yuan, showing a year-on-year increase of 2.25% [1] - The overseas new contract amount was 199.479 billion yuan, which represents a year-on-year growth of 13.74% [1]